Reference no: EM132483675
Question - Pane in the Glass Co. opened for business on September 1,2019. The following account balances existed:
Cash $85192
Window Inventory (210 units@$65/unit) 13650
Building 52500
Account payable (great wattage) 13650
Notes payable 37692
Common stock (5000 shares, $1 par) 80000
Preferred stock (200 shares, 5%, $10 par) 20000
How would make a journal entry for accounting for each of these?
12/1 Purchased new window-framing equipment for $25100, with the balance due in 90 days.
12/19 Sold 55 windows to Shanda Lear's Lighting Store for $43500, on account. Payment terms were 2/15, n/25.
12/21 Declared $2000 of dividends to shareholders of record on 12/31, payable on 1/2/2020.
12/31 Incurred the following expenses at year-end which are not due and payable until 1/31/2020:
Telephone $653 Utilities $988
Fuel 849 Postage 132
Other additional information:
1) Presume the same unit costs apply to all items of inventory when calculating cost of goods sold. Pane in the Glass Co. uses the periodic inventory system and the average cost method.
2) For the window-framing equipment, depreciation is calculated using units-of-activity method, with a total estimated useful life of 6000 units. 400 units were used in 2019. The equipment has a useful life of 5 years, and an estimated salvage value of $2600.
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